Jimmy Phua, CPPIB's Hong Kong-based managing director, head of real estate investments Asia, said in the news release that CPPIB's first dedicated rental housing investments in China would allow CPPIB to participate in a fast-growing segment of that country's real estate market.

Mr. Phua couldn't be reached for further comment. A spokesman for Longfor didn't respond to an emailed request for comment.

A U.K.-based CPPIB spokesman couldn't immediately provide details on the investment vehicle CPPIB and Longfor would employ to pursue their rental housing investments, or the split between the two for their initial investment target of $817 million.